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Piedmont Reaches Deal To Sell Southwest D.C. Office Building

The One Independence Square office building at 250 E St. SW

Atlanta-based Piedmont Office Realty Trust is cashing out of another Southwest D.C. office building. 

The REIT said in its quarterly earnings release Monday it entered into a contract to sell the One Independence Square office building. It did not disclose the price or buyer but said it expects the deal to close this quarter. 

The 334K SF office building at 250 E St. SW is 94% occupied by multiple government tenants, Piedmont said. The REIT acquired the building in 2002 for $97M, according to a spokesperson. It renovated the building in 2013 to add a rooftop deck, a fitness facility and a café.

Piedmont in 2017 sold Two Independence Square, the adjacent 600K SF office building occupied by NASA, to a Korean investor for $360M. Cushman & Wakefield represented Piedmont in the 2017 deal. 

The REIT also owns three office buildings in Arlington and three more in D.C., including 1225 Eye St. NW, where it said it signed a 15-year, 38K SF lease renewal with the Bipartisan Policy Center last quarter. 

CORRECTION, JAN. 22, 5:05 P.M. ET: A previous version of this story incorrectly stated the price for which Piedmont acquired One Independence Square in 2002. The story has been updated.